U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES: NOVEMBER 1994 IMPORTANT: This release contains sensitive economic data not to be released before 8:30 a.m. Thursday January 19, 1995. CB-95-12Press Copy FT-900 (94-11) For information on goods contact Bureau of the Census: Haydn R. Mearkle(301) 457-2246 Richard M. Preuss(301) 457-2311 For information on services contact Bureau of Economic Analysis: Media: Larry Moran(202) 606-2649 Technical: Christopher Bach(202) 606-9545 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES November 1994 Balance of Payments Basis The Bureau of the Census and the Bureau of Economic Analysis, through the Department of Commerce, announced today that total November exports of $61.2 billion and imports of $71.7 billion resulted in a goods and services trade deficit of $10.5 billion, $0.4 billion more than the $10.1 billion of October, revised. November exports were $1.3 billion more than October exports of $59.8 billion. November imports were $1.7 billion more than October imports of $69.9 billion. For goods, the November trade deficit was $15.6 billion, $0.5 billion more than the October deficit of $15.1 billion. The November services surplus of $5.0 billion was virtually the same as in October. Exports of goods for November were $44.5 billion. This was $1.2 billion more than October's $43.4 billion and $3.3 billion more than the January to October 1994 monthly average of $41.2 billion. Exports of services for November were $16.6 billion, $0.2 billion more than October's $16.5 billion and $0.6 billion more than the January to October 1994 monthly average of $16.0 billion. Imports of goods for November were $60.1 billion. This was $1.7 billion more than October's $58.4 billion and $5.1 billion more than the January to October 1994 monthly average of $55.0 billion. Imports of services for November were $11.6 billion. This was $0.1 billion more than October's $11.5 billion and $0.4 billion more than the January to October 1994 monthly average of $11.2 billion. For the three months ending in November, exports of goods and services, using a centered three month moving average, were $60.4 billion, while imports of goods and services averaged $70.4 billion, resulting in an average trade deficit of $10.0 billion. For the three months ending in October, the average trade deficit was $9.5 billion, reflecting average exports of $60.1 billion and average imports of $69.6 billion. Selected Services Details All services exports categories changed little from October to November. All services imports categories changed little from October to November. Census Basis Selected Seasonally Adjusted Goods Details The October to November change in exports reflected increases in capital goods ($1.1 billion), industrial supplies and materials ($0.1 billion), foods, feeds, and beverages ($0.1 billion), and consumer goods ($0.1 billion) and decreases in other goods ($0.3 billion), and automotive vehicles, parts and engines ($0.1 billion). The October to November change in imports reflected increases in industrial supplies and materials ($0.6 billion), automotive vehicles, parts and engines ($0.5 billion), capital goods ($0.4 billion), consumer goods ($0.2 billion); other goods and foods, feeds and beverages were virtually unchanged. For non-petroleum products, November exports were $44.7 billion, $1.0 billion more than the $43.7 billion of October. Imports were $55.2 billion, $1.2 billion more than the $54.0 billion of October. In 1987 constant dollars, November exports were $44.1 billion, $0.9 billion more than the $43.2 billion of October. Imports of $58.2 billion were $1.8 billion more than the $56.4 billion of October. Selected Not Seasonally Adjusted Goods Details The November figures showed surpluses in billions of dollars with Australia $0.5 (for October, $0.6), Brazil $0.3 (virtually zero), Egypt $0.2 ($0.3), Argentina $0.2 ($0.3) and Hong Kong $0.1 (-$0.1); Deficits were recorded in billions of dollars with Japan -$6.2 (-$6.7), China -$2.9 (-$3.5), Canada -$2.0 (-$1.7), Western Europe -$2.0 (-$1.5), OPEC -$1.2 (-$1.2), Taiwan -$0.8 (-$1.2), Mexico -$0.4 (-$0.1), Singapore -$0.4 (-$0.2), and Korea -$0.2 (-$0.2). Exports of manufactured goods at $34.8 billion were $0.1 billion more than the $34.7 billion of October and $1.7 billion more than the $33.1 billion January to October 1994 monthly average. Imports of manufactured goods at $52.1 billion were $0.8 billion less than the $52.9 billion of October and $6.4 billion more than the $45.7 billion January to October 1994 monthly average. Advanced technology products (ATP) exports were $10.5 billion for November and imports were $9.3 billion, resulting in a surplus of $1.2 billion, $0.6 billion more than the October surplus of $0.6 billion. November exports were $0.5 billion more than the $10.0 billion of October, while imports were $0.1 billion less than the $9.4 billion of October. Imports of energy-related petroleum products were $4.4 billion. Of this, crude oil was $3.5 billion, $0.2 billion more than the $3.3 billion of October. November crude oil imports at 230 million barrels were 8 million barrels more than the 222 million barrels of October, and 4 million barrels more than the January to October 1994 monthly average. The November crude oil average price per barrel ($15.31) was $.48 more than the $14.83 of October and $1.24 more than the January to October 1994 average price of $14.07. Carry-over in November was $0.3 billion (0.7 percent) for exports and $0.4 billion (0.7 percent) for imports. For October, revised exports carry-over was virtually zero, revised down from $0.2 billion (0.4 percent). For October, revised imports carry-over was $0.1 billion (0.2 percent), revised down from $0.3 billion (0.5 percent). SOURCE: Report FT900 (CB-95-12), Bureau of the Census, Foreign Trade Division, NOVEMBER 1994. For more information, contact Haydn R. Mearkle (301-457-2246) or Richard M. Preuss (301-457-2311), Foreign Trade Division.